First Bank (NJ) Review

First Bank Savings

0.23% APY

Founded in 2007, First Bank has assets totaling $3.59 billion as well as $2.97 billion in deposits, ranking the institution as a large bank. First Bank, whose headquarters are in Hamilton, New Jersey, lacks premium access to customer service, with no options of live chat or all-day service. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. Coming in at a commendable 4.5 out of 5 stars, First Bank is among the top banks, and should be given strong consideration. 

First Bank provides customers with a variety of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, mortgage products and credit cards. Ideal for parking and growing your money, First Bank's savings account has an extremely high interest rate. If you're looking for a checking account for everyday use, First Bank's standard checking does not have a monthly maintenance fee. Using one bank for checking and savings can be best for getting the most return on your money while maintaining access to your funds without getting penalized for withdrawing.

Service Quality

First Bank is a brick-and-mortar bank, with 26 total bank locations in New Jersey and Pennsylvania. With mobile and web apps, First Bank makes account access convenient, even on the go.  

First Bank's online and mobile banking services receive great feedback from customers: out of 6 ratings on iOS and Android platforms, the First Bank mobile app has an overall rating of 5.0 out of 5 (compared to the national average of 3.8). First Bank's mobile app allows you to manage your funds by monitoring account balances, transferring money as well as reaching support representatives. First Bank receives an outstanding consumer satisfaction score based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency. 

Products Offered

First Bank has several deposit products which include savings accounts, checking accounts, money market accounts and CDs, giving you many options to manage your money. First Bank's savings account interest rate is extremely competitive, perfect for those who want to save toward a long-term goal. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. First Bank's CD rates are competitive compared to the average U.S. bank. 

Rates

First Bank has a savings rate of 0.23%, which is low against the national average. First Bank's CDs feature a rate of 3.50% and 2.50% for the one-year and five-year term lengths, respectively, while its highest-yielding money market account earns at a rate of 2.75%. Taking into account that First Bank has a superb APY, First Bank's savings account can be used especially for a significant milestone like retirement.

Fees

First Bank has generally low fees in comparison to the average U.S. bank. With no monthly fee, First Bank is perfect for people who want a simple checking account. Also, at $35, First Bank has a lower overdraft fee compared to the national average. 

Financial Health

First Bank ranks as a large bank with assets totaling $3.59 billion as well as deposits totaling $2.97 billion. It has an excellent Texas Ratio of 4.22%, indicating an exceedingly minute likelihood of failure. Additionally, First Bank is FDIC-insured, meaning that your money is insured (up to $250,000) even in the event of bank failure.

Find a First Bank Near Me

First Bank has 26 physical branches across the U.S.